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Item Title: Saving Strategies Under the New Kiddie Tax Rules
Summary:
For the second time in just over a year, Congress has expanded the "Kiddie Tax" to cover more children. This tax can cause a dependent child's income from investments to be taxed at the parent's higher marginal federal rate. Here's what the new law means if you've been saving money for college (or other purposes) in your childrens' or grandchildrens' names. Plus, we'll tell you how your family might be able to save a bundle in taxes by giving assets to children by the end of the year.
Comments:
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.